Egypt’s manufacturing and extractive industries saw a slight decline in November 2023, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS). The overall index (excluding crude oil and petroleum products) dipped 0.55% to 96.25 in November compared to 96.78 in October. Similarly, the tobacco products sector jumped 29.68% to 176.63, also driven by market forces. The construction materials sector, encompassing bricks, glass, and cement, also took a hit, falling 5.13% to 84.51 due to market conditions. Continued monitoring of the index will be crucial to assess the overall health of the industrial sector and identify areas requiring targeted support.

Cairo – February 1, 2024: Economic experts are anticipating the Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) meeting to keep key interest rates during its first session of 2024. These meetings serve as a main indicator for the short-term direction of the Egyptian pound’s interest rate. Last week Reuters surveyed 16 economists, with a majority sharing a neutral outlook with expectations that the MPC will maintain the interest rates while Egypt continues its discussions with the IMF. During the past three MPC meetings, the CBE kept key interest rates unchanged, with the overnight deposit rate at 19.25 percent, while the overnight lending rate at 20.25 percent, and the main operation and discount rates at 19.75 percent. The next MPC meeting is scheduled for March 28.

Romantic novels have always held a special place in the world of literature. And since the Cairo Book Fair is still taking place till February 6, now is the perfect time to shop and start exploring the vast variety of books that the fair has to offer, and Egypt Today has the perfect book recommendations for all romance lovers. Romancing Mister BridgertonFor all Bridgerton series lovers, if you can't wait for the new season to drop, then you have to read the fourth book of the Bridgerton series. Ashgar La Tothallel El AshekinWritten by Dr. Nermine Nehmed Allah, the novel's events revolve around Noaman Al-Karmalawi's palace, which is full of stories and secrets. The sister who has no choice in life and the lover who is a source of worry for everyone.

Egypt’s Minister of Health and Population, Khaled Abdel Ghaffar, met with his Emirati counterpart, Abdul Rahman Al Owais, on the sidelines of the Arab Health Exhibition, which will take place from January 28 to 1 February 2024 in Dubai, United Arab Emirates. Hossam Abdel Ghaffar, the official spokesperson for the Ministry of Health and Population, said that the two ministers discussed how to enhance cooperation in training human resources on the latest medical technologies and digital health. He noted that the two ministers discussed cooperation in the One Health Strategy and the achievements of the two countries in human and animal health, fighting antimicrobial resistance, food and water safety, and climate change. The meeting also touched on comprehensive health coverage, Egypt’s successful experience in implementing the comprehensive health insurance system, the “Decent Life” initiative, and the “100 Million Health” presidential initiatives. Moreover, they discussed digital transformation and governance, and the UAE’s successful experience in digital transformation in the health sector.

"I don't think you can have an outstanding team performance when the individuals don't work together," Klopp told the BBC. "We could have scored and should have scored more goals. You cannot score five, six goals against Chelsea if you are not outstanding." Every time we recovered the ball after one or two touches we lost it," Chelsea manager Mauricio Pochettino told TNT Sports. "He was really disappointed with himself about missing the penalty but he is a handful," Klopp told the BBC.

In its previous meetings, the MPC reiterated that the path of the central bank’s key interest rates depends on the expected inflation rates, not the current inflation rates. The CBE revealed that the annual core inflation rate dropped to 34.2% in December 2023, compared to 35.9% in November 2023. The document projected that the inflationary pressures facing the Egyptian economy will start to ease from 2024, expecting an average inflation rate of around 9.2% during the period 2024-2028. She noted that the interest for one-year Treasury bills was 27.7% last Thursday, reflecting a real negative interest rate of 9%. The average expectations of 16 analysts indicate that the CBE will keep deposit interest rates unchanged at 19.25% and lending interest rates at 20.25% in the regular meeting.

Cairo – January 31, 2024: Egypt’s central bank confirmed the importance of banks to adhere with the limitations to the amount of cash customers are allowed to withdraw from local banks. Local media cited a message sent to banks by the Central Bank of Egypt (CBE), in which it reminded banks to follow the set daily limits for individuals and corporations at LE 150,000. Any requests from customers looking to withdraw amounts exceeding the LE 150,000 limit must be reported to the CBE twice a day (at 12 PM and 3 PM) for approval. The CBE’s previous instructions regarding withdrawal restrictions was in 2022, in which the central bank upped the cap for daily withdrawals to LE 150,000 from LE 50,000, maintaining the maximum limit for withdrawals for individuals from ATMs at LE 20,000. At the end of 2023, the CBE revealed that it was postponing adding fees related to bank transfer services executed via electronic channels - internet banking and mobile banking applications - in Egyptian pounds across its Instant Payment Network and InstaPay application.

CAIRO - 31 January 2024: The Central Bank of Egypt (CBE) has instructed banks to set a maximum daily withdrawal limit for a single client's account or all their accounts at LE 150,000. The CBE clarified that this maximum limit applies to both cash withdrawals and cheque transactions, without any exceptions for withdrawals exceeding LE 150,000 from all client accounts. Banks will send amounts exceeding LE 150,000 twice daily, at 12 PM and 3 PM, to the CBE for review and approval before execution. Egypt is working to curb the rise of the dollar in the parallel market, crossing LE 70. Stringent actions have been taken against gold mafias controlling the price of the yellow metal, causing the gram's price to reach record highs.

The Egyptian government has reached a tentative deal with the IMF that will be announced soon, contingent on a devaluation of the Egyptian pound, according to governmental sources who spoke to Daily News Egypt. The sources said that the two parties agreed to adopt a managed float system, rather than a full-fledged flotation of the Egyptian pound. In contrast, the official market rate is EGP 30.9 and has been unchanged for about a year. The sources indicated that the exchange rate adjustment could happen within hours or days and that an agreement with the IMF to expand the existing extended fund facility program would be announced next week if it is implemented. This was in line with HSBC’s estimates that the loan could be increased by up to $8 billion.

Egypt - The Ministry of Finance plans to launch 25 auctions for treasury bills (T-bills) and bonds worth EGP 540.25bn in February. This consists of 16 auctions for bills totalling EGP 528bn and 9 auctions for bonds worth EGP 12.25bn. Moreover, there will be four auctions for 364-day bills, worth EGP 140bn. Additionally, two auctions for “zero-coupon” bonds with a maturity of 728 days worth EGP 3bn will be held, along with four auctions for 3-year bonds worth EGP 7bn. There will also be two auctions for “variable yield” bonds with a 5-year maturity worth EGP 1.25bn, and one auction for “fixed yield” bonds with the same maturity, worth EGP 250m.

The Palestinian official commended Egypt's constant support for the Palestinian people who are suffering from genocide plots, led by Israeli occupation forces. In statement to MENA Wednesday, Naji said the Egyptian stand in support of the the Palestinian cause is reflected at the cultural level through the Cairo International Book Fair in its 55th edition. Many Egyptian publishing houses are publishing various publications on Palestine along with Palestinian publishing houses, according to him. Egypt and Palestine have strong and deep-rooted bonds at the cultural level, he said, adding the two countries enjoy historical cooperation. Nagi hailed the backing of the Egyptian Culture Ministry to Palestine in the fair through the allocation of a whole day for Palestinian intellectual, cultural and political activities to become a day for Palestinian heritage in Egypt.

These books shed the light on the significant role of art in the Egyptian political sector as well. Another book is “Al Khetab El Seyasy Fe El Cinema El Masrya” (The Political Discourse In Egyptian Cinema) by Dr. Mariam Waheed. “Al Khetab El Seyasy Fe El Cinema El Masrya” presents a political analysis of Egyptian cinema in order to reveal the underlying political messages that were presented in different films. The book focuses as well on the issue of social justice in Egyptian cinema, by analyzing fourteen Egyptian films that were produced from 1961 to 1981. Acclaimed author Nader Adly’s “El Cinema El Kebtya” (Coptic Cinema) provides in depth look and detailed analysisof Christian and church films.

The top ten player transfers alone generated more than 10% of the entire amount spent on transfer fees in 2023. German clubs topped the list for transfer fees received from outgoing transfers with a total of more than USD 1.2 billion. A total of 1,024 clubs spent money on international transfers in 2023, the first-ever time that more than 1,000 clubs invested in transfer fees for new players from abroad. The number of clubs that received transfer fees, 1,241, was also another new high. International transfers of amateursIn 2023, more than 50,000 amateur players moved across borders to join a club in a new association.

Amr Talaat, the Minister of Communications and Information Technology, travelled to Budapest, the capital of Hungary, for a two-day visit. He met with government and company officials to discuss cooperation, new investments, and joint projects in the Egyptian communications and information technology sector. Talaat also attended a round table hosted by the Hungarian Export Promotion Agency (HEPA), with the participation of several Hungarian companies specializing in communications and information technology. The round table aimed to showcase the investment opportunities in the Egyptian sector. Additionally, he joined a workshop organized by the Hungarian Ministry of National Economy and the Budapest University of Technology and Economics, which focused on the communications and information technology ecosystem in Hungary and the potential areas of collaboration between the two countries.

The Industrial Modernization Center (IMC) is committed to supporting emerging national companies by promoting local manufacturing, which the state strongly supports, to enhance the competitiveness of products and reduce imports, according to its head Doaa Salima. Salima met with the Egyptian Federation of Investors Associations (EFIA) on Tuesday and discussed the role of the IMC in connecting industry with academia, by collaborating with national research centers and universities, to utilize the research findings in industrial processes. The meeting also explored the available investment opportunities and the challenges faced by the industrial sector and highlighted the efforts of the Ministry of Trade and Industry, represented by the IMC, to address the issues of investors and the industrial community. This is in line with the political leadership’s directives to unify and coordinate the efforts of all state institutions with investors and the industrial sector.